Jason Alloy Appointed as Receiver in Multimillion-Dollar Securities Fraud Action

Robbins Firm Partner Jason Alloy has been appointed as the Receiver in a securities fraud action brought by the U.S. Securities and Exchange Commission. The SEC brought the action in 2013 against Detroit Memorial Partners (DMP), a company that is alleged to have issued almost $20 million in promissory notes to over 100 investors based on a false private placement memorandum. The company is alleged to have raised another $4.5 million from equity investors based on false inducements. Jason Alloy was appointed as the Receiver of DMP in order to manage DMP’s business and conduct an accounting of all the funds solicited from investors. The Robbins Firm team since performed the accounting within three months of the receivership appointment and is now conducting a claims proceeding to orderly dispense of the various investor claims against the company.